Latham & Watkins advised Jersey Telecom (JT) on the sale of its Internet of Things (IoT) division to Perwyn Private Equity. The sale follows detailed discussions with the Government of Jersey as its sole shareholder, with the new business keeping its headquarters in Jersey.
The IoT division was created in 2014 as part of JT's international expansion, and has doubled in size every year for the last three years. It provides connectivity services to customers around the world, and there are now almost 10 million JT SIMs in active use.
The sale, to Perwyn, aims to maximise the growth potential of the business by securing investment from a new owner who specialises in rapidly growing technology companies. JT will continue to benefit from this growth by supplying services to the new company and retaining a minority stake in it.
The Latham team was led by London corporate
partner Mike Turner, with associates Jon Fox and Zoe Liu. Additional advice was
provided by partner Christian McDermott and associate Oliver Mobasser.